The Illinois Department of Insurance needs more time to comply with Interstate Insurance Product Regulation Compact (IIPRC) standards, an official says.
Michael McRaith, the director of the Illinois department, has sent the IIPRC a letter asking for a temporary stay of uniform standards retroactive to Dec. 13.
Technically, McRaith also is providing a notice of an intent to opt out of the standards.
But the Illinois department supports an Illinois law passed in November that requires the state to participate in the compact, McRaith says.
“We are requesting guidance from the Illinois Attorney General regarding certain technical statutory construction ambiguities associated with the implementation of this new law,” McRaith says.
The department intends to implement the Illinois IIPRC entry law in a manner consistent with Illinois law, McRaith says.
The IIPRC is a body created by the National Association of Insurance Commissioners, Kansas City, Mo., that is trying to reduce the need for an insurer to file separate applications for the same product in many different states.
The IIPRC tries to come up with filing standards that all compact member jurisdictions can support and give insurers the ability to submit eligible filings to just one office.